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Interpreting The Financial Data Of Men'S Wear In The Third Quarter Of China'S IPO

2023/11/20 22:41:00 1

In the first three quarters of this year, the revenue and net profit of five enterprises, including Baoxiniao, Hailan Home and Youngor, achieved double-digit growth.

On November 15, the National Bureau of Statistics released the retail sales data of consumer goods in October: from January to October this year, the total retail sales of consumer goods in China reached 38.54 trillion yuan, up 6.9% year on year. Among them, the retail sales of consumer goods other than automobiles reached 34.65 trillion yuan, up 7.0% year on year. In October, China's retail sales of consumer goods totaled 4.3 trillion yuan, up 7.6% year on year. Among them, the retail sales of consumer goods other than automobiles totaled 3.92 trillion yuan, up 7.2%.

The retail sales of clothing, shoes and hats, knitwear and textiles and other commodities have continued to perform well in recent months, and the retail growth rate has exceeded the retail sales of consumer goods in the whole society by 3.3 percentage points since this year. From January to October this year, retail sales of clothing, shoes and hats, knitwear and textiles and other commodities reached 1.11 trillion yuan, up 10.2% year on year. In October, the retail sales of clothing, shoes and hats, knitwear and textiles and other commodities reached 0.12 trillion yuan, up 7.5% year on year.

This is also similar to the performance of the clothing listed companies in the first three quarters disclosed recently. Among the 19 A-share clothing listed companies involved in men's clothing business, Baoxiniao, Hailan Home, Youngor, Jiumuwang, Septwolves, Georgebay and other brand enterprises' profit performance improved significantly year on year, achieving double-digit growth. However, due to the weakening of consumption expectations in the European and American markets Influenced by international trade friction and other factors, the profit performance of Shengtai, Lutai and other manufacturing enterprises has declined to varying degrees.

Specifically, 9 enterprises including Kute Smart, Baoxinniao, Hailan Home, Youngor, Shanghai Sanmao, Jiumuwang, Georgebay, Seppelang and MediaTe realized double growth in revenue and net profit in the first three quarters of this year, among which 5 enterprises including Kute Smart, Baoxinniao, Hailan Home, Youngor and Shanghai Sanmao achieved double digit growth in revenue and net profit.

13 enterprises with revenue exceeding 1 billion yuan

From the perspective of revenue scale, the revenue performance of most brand enterprises has exceeded the same period level of 2019 before the epidemic. In the first three quarters of this year, there were 13 enterprises with a revenue of more than 1 billion yuan, including 4 enterprises with a revenue of more than 4 billion yuan. Hailan Home ranked first with a revenue of 15.569 billion yuan (a 6% increase from 14.69 billion yuan in the first three quarters of 2019).

The revenue of Jihua Group was 8.044 billion yuan (down 46.37% from 15 billion yuan in the first three quarters of 2019), the revenue of Youngor fashion sector was 5.102 billion yuan (up 20.47% from 4.235 billion yuan in the first three quarters of 2019), and the revenue of Lutai was 4.343 billion yuan (down 9.75% from 4.812 billion yuan in the first three quarters of 2019);

The three enterprises in the 3 billion revenue camp are Baoxiniao with a revenue of 3.667 billion yuan (69.06% increase over 2.169 billion yuan in the first three quarters of 2019), Shengtai Group with a revenue of 3.599 billion yuan (unlisted in 2019), and Lianfa with a revenue of 3.32 billion yuan (15.48% increase over 2.875 billion yuan in the first three quarters of 2019);

The two enterprises in the 2 billion revenue camp are Septwolves with a revenue of 2.378 billion yuan (4.04% lower than 2.478 billion yuan in the first three quarters of 2019) and Jiumuwang with a revenue of 2.138 billion yuan (5.58% higher than 2.025 billion yuan in the first three quarters of 2019);

The four enterprises in the 1 billion revenue camp are Red Bean Stock with a revenue of 1.556 billion yuan (down 12.78% from 1.784 billion yuan in the first three quarters of 2019), Jiangsu Sunshine with a revenue of 1.286 billion yuan (down 25.66% from 1.73 billion yuan in the first three quarters of 2019), and Leading Stock with a revenue of 1.226 billion yuan (down 58.1% from 2.926 billion yuan in the first three quarters of 2019), Nanshan Zhishang has a revenue of 1.124 billion yuan (unlisted in 2019).

Net profit of 4 enterprises doubled

In terms of profitability, the net profits of Jiumuwang, Septwolves, Shanghai Sanmao and Lianfa in the first three quarters of this year doubled year on year.

Among the 19 enterprises, 11 have realized net profits of more than 100 million yuan, among which Home of Hailan has the highest net profit of 2.452 billion yuan, with a year-on-year growth of 40.14%; The net profit of Youngor fashion sector was 651 million yuan, up 15.29% year on year; Baoxiniao's net profit was 555 million yuan, up 44.39% year on year. It is worth mentioning that compared with the net profit of 163 million yuan in the same period of 2019 before the epidemic, Baoxibird has achieved a net profit growth of 240.19%.

According to the brand revenue disclosed in the third quarter report, the main men's wear brands with revenue of more than 1 billion yuan during the period are: Hailan Home series revenue of 11.888 billion yuan, a year-on-year increase of 14.86%, and gross profit margin of 44.46%; Youngor YOUNGOR's revenue was 3.944 billion yuan, 14.81% year on year, with a gross margin of 74.69%; Taipingbird men's clothing revenue was 1.936 billion yuan, down 2.64% year on year, with a gross margin of 59.14%; Jiumuwang's revenue was 1.92 billion yuan, up 12.94% year on year, with a gross margin of 63.58%; The revenue of Hailan Home group purchase customization series was 1.691 billion yuan, up 30.32% year on year, with a gross margin of 48.05%; The revenue of Red Bean Hodo Men's Wear was 1.031 billion yuan, a year-on-year decrease of 4.49%, and the gross profit margin was 46.34%.

From the perspective of market analysis, as the national economy continues to recover and the policies continue to work effectively, the momentum of market recovery in the fourth quarter will be strengthened, and the operating quality of many brand clothing enterprises' stores will be significantly improved, and sales will accelerate month by month, which is expected to drive further repair and improvement of performance.